NEWTON, MA-Local mall mogul Stephen Karp, chairman of New England Development, Inc., is rumored to be considering a parcel here on Route 9 and Florence Street for development.

Karp did not return calls by presstime but unconfirmed reports state that one of the proposals for the site being considered by this locally-based developer includes a 120,000-sf retail development, 275,000 sf of office space, a 200-room hotel and a parking garage.

Karp does not own the property, which was the site of a fire last February that claimed five lives, but he has reportedly stated that his company has been brainstorming plans for the site. At one time, Karp was one of the largest retail developers in the country with a number of local malls to his credit. Two years ago, Karp sold off many of his properties including the Atrium in Brookline and Emerald Square in Attleboro.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.